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Update on the Hawaii Real Estate Market Statistics for January 2025

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With significant activity on all islands, the Hawaii real estate market got off to a great start in January 2025. Sales in the residential, condominium, and unoccupied land sectors were consistent on Maui. With 58 sales and a median price of $1,187,500, Maui’s residential market generated $83,444,128 in total dollar volume. With 53 transactions and a median price of $675,000, the condominium market generated $56,140,170 in total dollar volume. Thirteen deals with a median price of $585,000 and a total dollar volume of $19,862,750 were made in the vacant land market.

With 338 total sales, the Big Island saw a notable increase in real estate activity. On the Big Island, median condo prices were $689,500 while median home prices were $595,500. The entire monetary volume was $253,513,541, with the median land price being $45,000.

High-value transactions were evident in Kauai’s real estate market, especially in land and residential sales. A total of 70 sales were registered on the island. In Kauai, the median price of a home was $1,325,000, and the median price of a condo was $800,000. The entire dollar volume was $101,510,800, and the median land price was likewise $1,325,000.

With robust home and condo sales, Oahu continues to be Hawaii’s most active real estate market. There were 196 home sales in Oahu’s residential market, with a median price of $1,120,000. The median price of the 312 transactions in the condominium market was $539,500.

In 2025, the Hawaii real estate market is still strong, with strong demand on all of the main islands. Opportunities are available in the condo and unoccupied land markets, even if median property prices still reflect the upscale aspect of island living. To make wise real estate selections in Hawaii, investors, buyers, and sellers need keep up with market developments. January 2025 has laid the groundwork for a busy year in Hawaii real estate, whether you’re searching for your ideal home on Maui, an investment condo on Oahu, or undeveloped acreage on the Big Island. More information about changing market trends will be available in the upcoming update.

September Market Statistics

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All Hawaiian islands have seen significant real estate market movements. From Maui’s luxury residences to Kauai’s stunning scenery, the market is showing a complex mix of growth, losses, and big price revisions. This year’s performance by region:

Maui Market Statistics:

Single-Family Homes:
Total Sales: 580 properties, up 0.5% from previous year.
Median Sale Price: $1,300,000, up 8.7%.
Sales rose 1.4% to $1,042,117,942.
Condominiums:
Total sales fell 10.1% to 679 units.
Median Sale Price: $900,000, up 9.1%.
Sales volume rose 16.1% to $1,018,536,964.
Vacant Land:
Total sales: 144 items, 14.3% higher.
An astounding 33.4% increase in median sale price: $902,501.
Total Sales: $283,084,001, up 72.3%.

Oahu Market Data:

Single-family homes:
Sales rose 1.9% to 2,210 properties.
Median Sale Price: $1,100,000, up 6.8%.
Sales rose 5.5% to $2,991,846,111.
Condominiums:
Sales fell 5.7% to 3,466 units.
The median sale price rose 1% to $510,000.
Total Sales: $2,100,169,518, down 7%.
Vacant Land:
Total sales: 53 parcels, down 23.2%.
The median sale price rose 4.7% to $890,000.
Total sales fell 35.3% to $76,100,999.

Big Island Market Statistics:

Single-Family Homes:
The number of residences sold rose 1.3% to 1,509.
Median Sale Price: $549,150, up 9.8%.
Sales rose 28.3% to $1,576,940,292.
Condominiums:
Total sales fell 10.9% to 442 units.
Median Sale Price: $680,000, up 14.5%.
Sales volume rose 10.4% to $523,486,621.
Vacant Land:
Total sales: 1,373 lots, down 9.9%.
Median Sale Price: $46,000, up 12.2%.
Sales volume fell 4.3% to $244,118,554.

Kauai Market Statistics:

Single-Family Homes:
There were 284 home sales, a 37.9% increase.
Median Sale Price: $1,400,000, up 21.7%.
Sales volume rose 78.3% to $605,555,821.
Condominiums:
Total sales fell 7.2% to 219 units.
The median sale price rose 8.4% to $769,000
Total sales fell 2.4% to $209,756,653.
Vacant Land:
Total sales: 83 parcels, up 1.2%.
Median Sale Price: $774,500, down 12.7%.
Sales volume rose 5.2% to $101,759,305.

Single-family home and land sales have increased on Maui and the Big Island, but Oahu and Kauai have had mixed results. Condo sales have slowed on the islands, but prices are rising due to island living demand. Maui’s unoccupied land sales volume rose 72.3%, driving up prices.

Thank you to Title Guaranty Hawaii for providing the information. Stay tuned for market insights and updates!

Hawaii Real Estate Statistics January 2024

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Here is an overview of the real estate market statistics for January 2024 by island:

Oahu Real Estate Market Statistics:

Single-Family Homes: There were 190 transactions in this market, and the average time a home was listed was 29 days. The median sales price was $1,010,000, little less than the average asking price of $1,300,000. This category had a total dollar volume of about $249.34 million.

Condos: In the condominium market, 294 properties were sold, with an average listing period of 30 days. The median sales price was $500,000. The average asking price was $602,100. Condo sales brought in a total of almost $174.18 million.

Land: Only 9 transactions totaled in land sales, but the median price was substantially higher at $1,420,000, resulting in a total dollar volume of $16.18 million.

This image shows a healthy Oahu real estate market, with single-family homes leading the way in terms of volume and median sales price, followed by land and condominiums.

Big Island Real Estate Market Statistics:

Single-Family Homes: There were 157 transactions, and the average time spent on the market was 52 days. The median sales price was significantly lower at $499,000. The average list price was set at $1,100,000. About $160.65 million was the overall dollar volume for single-family dwellings.

Condos: There were 32 sales in the condominium market, with an average of 48 days on the market. Condos had an average list price of $770,800, but a higher median sales price of $608,500 was seen. This category had a total dollar volume of about $24.33 million.

Land: With 141 transactions, there were more sales of land. With a median sales price of $45,500, land had a relatively low dollar volume of $27.76 million when compared to the other categories.

In contrast to single-family homes, which have fewer sales, condominiums have a higher median sales price, suggesting a broad real estate market with a considerable amount of land transactions at lower values. In terms of dollar volume, the single-family house market seems to be the biggest.

Kauai Real Estate Market Statistics:

Single-Family Homes: A total of 29 sales occurred, with an average of 67 days spent on the market. With a median sales price of $1,430,000, the average asking price was a significant $2,600,000. $72,323,710 was the total dollar volume for single-family dwellings.

Condos: There were 16 sales of condominiums in the market, with an average of 40 days on the market. Condos had an average list price of $1,500,000, and a median sales price of $992,500, which was almost a million dollars. Condos had a total dollar volume of $23,324,900.

Land: The total dollar volume of $10,136,855 was generated by 9 land sales at a median price of $1,046,855.

According to this statistics, single-family homes on Kauai appear to be priced higher than other property types and have longer days on the market. While land sales were rare but had high median prices, condominiums sold more quickly and in smaller quantities.

Maui Real Estate Market Statistics:

Single-Family properties: An average of 116 days were spent on the market before 56 properties were sold. The median sales price was somewhat lower at $1,322,691 than the average asking price of $1,600,000. About $87.8 million was the overall dollar volume for single-family dwellings.

Condos: The average days on market for condominiums was 138, despite having 92 sales. $1,200,000 was the average list price, and $795,000 was the median sales price. Condo sales reached a total monetary volume of approximately $108.85 million.

Land: A total of $78.41 million in dollars were exchanged for 25 sales of land, with a high median price of $1,700,000.

This suggests that Maui’s real estate market is active and has substantial sales volumes in every category. Despite being on the market for a longer period of time, condominiums brought in the most money, with single-family homes coming in second and land coming in third with fewer sales but higher median values.

Housing Market Statistics

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NATIONWIDE

Existing-home sales have declined for the second consecutive month, dropping by 3.4% nationwide due to higher interest rates affecting buyer affordability. Compared to the same period last year, sales are down by 23%, and contract signings have decreased by 20.3%. While some regions have seen declining sales prices, nationally they have decreased by 1.7% year-over-year, although more affordable markets continue to experience price gains.  With limited supply and homes selling quickly, the average time a home spends on the market is slightly over three weeks, according to the NAR.

MAUI INFORMATION

New listings have decreased for both single-family and condominium homes, while pending sales increased for single-family homes but decreased for condominiums. Inventory has increased for both types of homes. Median sales prices have risen for single-family homes and condominiums. The days on the market have decreased for single-family homes but increased for condominiums. The months supply of inventory has increased significantly for both types of homes. The combination of fluctuating interest rates and low inventory levels has contributed to lower home sales, as potential sellers are waiting for better market conditions.

BIG ISLAND INFORMATION

Compared to May of the previous year, less new listings for single-family houses, condominiums, and land were added to the Big Island real estate market. With 188 homes sold and a median sales price of $495,000, single-family homes had 508 active listings, 248 new listings, and 508 homes that were taken off the market on average after 64 days. Condominiums had 57 sold units, 69 new listings, 73 active listings, and an average of 54 days on the market. The median sales price was $550,000. With 1,148 current listings, 245 new listings, 202 sold lots, and an average of 105 days on the market, land had a median sales price of $34,250. All property types saw a decline in new listings overall, with condominiums having the highest median sales price and land taking the longest to sell.

OAHU INFORMATION

Sales of single-family homes and condos both decreased in April 2023 on O’ahu compared to the same month last year, by 43.0% and 37.5%, respectively. The dip in sales was 11.9% for single-family homes and 5.4% for condos, which was less drastic than March’s downturn. Despite the drop in sales, houses that were sold in April remained on the market for a shorter period of time than they did in March. Condos had a decrease in their median days on the market from 24 to 20, while single-family homes saw a fall from 36 to 24. Single-family homes decreased by 9.5%, and condominiums decreased by 2.0%, as measured by median sales prices. The market is generally stabilizing following the rise in interest rates and inflation, which is causing slower sales momentum but stable median prices because of low inventory.

Maui Statistics Year To Date

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Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings.

Although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

New Listings increased 8.7 percent for Single Family homes and 13.9 percent for Condominium homes.

Pending Sales increased 4.9 percent for Single Family homes and 22.0 percent for Condominium homes. Inventory decreased 7.7 percent for Single Family homes and 19.4 percent for Condominium homes. Median Sales Price decreased 2.3 percent to $650,000 for Single Family homes but increased 14.4 percent to $433,750 for Condominium homes.

Days on Market decreased 20.9 percent for Single Family homes and 5.7 percent for Condominium homes. Months Supply of Inventory decreased 17.5 percent for Single Family homes and 29.2 percent for Condominium homes.

Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.